J.P. Morgan (NYSE: JPM) Funds Chief Global Strategist David Kelly spent an hour on CNBC's Squawk Box as a guest host on Wednesday morning. His final thoughts were on finding balance in Fed policy by looking at both supply and demand.

"I want us to focus on what the Fed can and can't do. it's more important to get policies right… I think both of them are talking about too-easy money, and I think we need to get back to a more balanced approach," said Kelly in regards to current policy.

Kelly noted frustration for how Fed policy is currently being handled.

"We're so focused on not enough demand in the economy that we forgotten about the fact that we're doing nothing to create supply. We're going to run out of work, because we're going to run out of machines, and that's where we are," Kelly concluded.